TOKYO, Nov 29, 2019 (BSS/AFP) – Tokyo stocks opened higher on Friday but
trading was lacklustre with the absence of fresh market-moving events as the
US market was closed for the Thanksgiving holiday.
The benchmark Nikkei 225 index was up 0.29 percent, or 67.99 points, at
23,477.13 in early trade, while the broader Topix index edged up 0.19
percent, or 3.28 points, to 1,711.34.
“The Japanese market today lacks a sense of direction after the US market
was closed and without fresh news to trade,” Okasan Online Securities said in
a commentary.
Investors remained cautious about developments in the US-China trade
talks, it said.
The dollar fetched 109.53 yen in early trade, against 109.52 yen in
London.
Among major shares in Tokyo, China-linked shares were higher with
electronic parts maker Rohm gaining 0.64 percent to 9,340 yen and industrial
robot maker Fanuc advancing 1.10 percent to 21,055 yen.
Panasonic was up 2.22 percent at 1,031.5 yen. After the closing bell on
Thursday, the electronics giant announced it was exiting the semiconductor
business, selling its loss-making subsidiary to a Taiwanese firm.
Rival Sony was also up 1.40 percent at 6,994 yen.
Investors shrugged off a set of Japanese indicators released before the
opening.
Japan’s factory output dropped 4.2 percent month-on-month in October,
worse than market expectations of a 2.0 percent decline, according to trade
ministry data issued 10 minutes before the opening bell.
A steep drop in output from the auto industry had a major impact on the
overall decline, as powerful typhoon Hagibis affected the procurement of car
parts, the ministry said.
Japan’s unemployment rate in October stood at 2.4 percent, in line with
market expectations, according to separate data issued by the internal
affairs ministry.
Looking ahead, investors were closely watching the euro-zone CPI in
November, due later in the day, and China’s manufacturing PMI data due on
Saturday, Mizuho Securities said in a client note.